The analytics of the New Keynesian 3-equation Model
Tis paper aims at providing a self contained presentation of the ideas and solution procedure of New Keynesian Macroeconomics models. Using the benchmark “3 equation model”, we introduce the reader to an intuitive, static version of the model before incorporating more technical aspects associated with the dynamic nature of the model. We then discuss the relative contribution of supply, demand and policy shocks to the fluctuations of activity, inflation and interest rate, depending on the key under-lying parameters of the economy.
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|Date of creation:||2015|
|Publication status:||Published in Economics and business review, 2015, 1(15) (2), pp.110-129|
|Note:||View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-01184591|
|Contact details of provider:|| Web page: https://hal.archives-ouvertes.fr/|
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- Carlin, Wendy & Soskice, David, 2014. "Macroeconomics: Institutions, Instability, and the Financial System," OUP Catalogue, Oxford University Press, number 9780199655793.
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